How does my SoA Look...Advice Please

The_Real_Cheddar_Bob

Delabodes wrote: »

It did occur to me if i was a really crafty sod I would just pretend I didn't have a partner (i.e. we just split up), have all the bills coming out of my account, and as a result be quids in and minimal IPA.

I bet some people do that, but im just not comfortable with that level of BS.

Just to be clear, you cannot lie to the OR. You need to look at all the facts and present them in a way that's most beneficial to you.

If your partner can move out it solves an issue.

If you declare her income you will have a substantial IPA and if you don't declare it you will still have an IPA.

Delabodes

I'm, doing it straight but just taking my time and getting things in order. I fully expect an IPA and am not aggrieved at paying one because it is a hell of a lot better than my present situation.

However, because in my present situation my partner pays most of the bills even though she earns the same amount a week. For the next few months I will be sorting things out so we split things 50/50 as they should be and this will be very clear on my bank statements.

One question is, my partner has a car on finance but also a company car. Therefore I use her financed car permanently and pay for insurance, tax and running cost.

She has always asked me that If and when I am debt free can I contribute to the car as she is paying £250 a month and doesn't use it. If I start to give her £100 a month will the OR allow for that??

TheGardener - Good idea, ill look into putting money into my work pension, as you can imagine I currently do not have a pension and never have had.

TheGardener

If the car is absolutely hers in that the bill of sale/finance are in her name and she pays the finance then the car is safe. If you have use of the car you can quite reasonably contribute towards the tax/insurance and running costs including maintenance in your SOA. I'm not sure on the figures - look at some of the other SOA's on here.

It can be quiet on this board at the w/e - I'm sure someone else will be along to cast their eyes over your SOA in the week just to give you a broader view.

alltaken

Delabodes wrote: »

I'm, doing it straight but just taking my time and getting things in order. I fully expect an IPA and am not aggrieved at paying one because it is a hell of a lot better than my present situation.

However, because in my present situation my partner pays most of the bills even though she earns the same amount a week. For the next few months I will be sorting things out so we split things 50/50 as they should be and this will be very clear on my bank statements.

One question is, my partner has a car on finance but also a company car. Therefore I use her financed car permanently and pay for insurance, tax and running cost.

She has always asked me that If and when I am debt free can I contribute to the car as she is paying £250 a month and doesn't use it. If I start to give her £100 a month will the OR allow for that??

TheGardener - Good idea, ill look into putting money into my work pension, as you can imagine I currently do not have a pension and never have had.

I think somebody mentioned on one of your threads that you can utilise the money that you have access to pre-IPA as you please, on paper it would be X - Shopping, X - rent etc but if you wanted to cut back and use the money for something else then most people do.

I can't imagine the OR will allow you such a large amount for a car, think about it, they allow a £20 surplus, the rest should go to creditors if it's available.

luvchocolate

If there is more than £20 surplus then the whole amount can be taken into an I.P.A, just to be clear the amount including the £20 can be taken.

alltaken

Thanks luvchocolate, should have said, up to £20 is disregarded, above and beyond all is an IPA.

TheGardener

Can anyone help the OP with a reasonable figure for car running and maintenance costs? There is also no reason why the OP can't pay the car insurance in his own name is there?

alltaken

'Fronting' could be an issue if the car is the partners. Car finance for somebody else would be an accommodation deal and most finance companies don't deal with that for obvious reasons. It's assumed the finance is given to the registered keeper and driver.

If you drive the car less than your partner and you're a named driver then that should be possible.

Running costs should include, servicing, MOT if applicable, breakdown cover and insurance. Don't forget about tyre costs, brakes etc. (I think mine was a provision of £40 for maintenance) Put down your honest costs over 12 months and divide into a monthly figure, a higher cost is preferable since the OR can always lower your allowance but won't necessarily increase it and cars can be expensive!

Your fuel cost looks to be on the low side, again, I would increase it and let the OR lower it if they disagree. £210 Monthly was acceptable in my partners case (full time work 5 miles each way).

Be prepared for the OR to ask why public transport is not an option instead.

Delabodes

alltaken wrote: »

'Fronting' could be an issue if the car is the partners. Car finance for somebody else would be an accommodation deal and most finance companies don't deal with that for obvious reasons. It's assumed the finance is given to the registered keeper and driver.

If you drive the car less than your partner and you're a named driver then that should be possible.

Running costs should include, servicing, MOT if applicable, breakdown cover and insurance. Don't forget about tyre costs, brakes etc. (I think mine was a provision of £40 for maintenance) Put down your honest costs over 12 months and divide into a monthly figure, a higher cost is preferable since the OR can always lower your allowance but won't necessarily increase it and cars can be expensive!

Your fuel cost looks to be on the low side, again, I would increase it and let the OR lower it if they disagree. £210 Monthly was acceptable in my partners case (full time work 5 miles each way).

Be prepared for the OR to ask why public transport is not an option instead.

'Fronting'? can you explain what that means??

So with the car my partner pays £250 finance a month.

I pay all my petrol, MOT, repairs and TAX, insurance I changed yesterday to pay completely myself..

I don't need to giver her anything towards the Finance but I was going to give her £50 a month, she is still content paying the £250. Would It probably be for the best if I don't give her any?

To get to work I would have to take 2 buses and then a 20 min walk... or 3 buses.
I also need the car as i on average go to 2 or 3 meetings a week that can be as far as 100 miles away.

£120 may be a little light then, my trip to work is a 35 mile round trip and considering the rise in petrol prices over the last week or so.

Delabodes

alltaken wrote: »

I think somebody mentioned on one of your threads that you can utilise the money that you have access to pre-IPA as you please, on paper it would be X - Shopping, X - rent etc but if you wanted to cut back and use the money for something else then most people do.

I can't imagine the OR will allow you such a large amount for a car, think about it, they allow a £20 surplus, the rest should go to creditors if it's available.

Is that Pre-IPA but post bankruptcy declaration? sort of in between the OR interview and first IPA payment?

or,

Pre bankruptcy declaration, obviously next month ill have lots of credit in my bank account due to not paying my mortgage and cards, which will build substantially over the next few months before declaring bankruptcy.

Common sense tells me that if i start for example drawing out the odd £100 from the cash machine this will not go down to well with the OR.